Bangladesh exports to Brazil marks 60 per cent growth

Published : 08 Sep 2023 09:48 PM

As Bangladesh has become an emerging economy in the region and has maintained a steady economic growth over years defying the corona pandemic, Brazil’s President Luiz Inácio Lula da Silva has decided to expand multilateral engagements especially in the trade and investment with the South Asian country, diplomatic sources.

As part of that strategy, a high-powered trade delegation of the Latin American country visited Bangladesh in May in 2023 with an aim to strengthen bilateral trade with Bangladesh.

The Brazil delegation  included Anirban Aftab of INN Group, Felipe Luis Ody Spaniol of CNA (National Confederation of Agriculture), Luis Renato de Alcantara Rua of ABPA (Brazilian Poultry, Swine and Fish Association, Juliano Leonidas Hoffmann of ABRA (Associação Brasileira de Reciclagem Animal, Marcelo Duarte Monteiro of ABRAPA (Brazilian Cotton Growers Association, Rodrigo Gedeon of Apex Brasil and Ambassador Alex Giacomelli of the Foreign Ministry of Brazil.         

Meanwhile, Bangladesh’s export to Brazil, the largest market Latin America, during last 2022-23 fiscal year posted some 60 per cent growth over the previous 2021-22 fiscal year, according to data of the Export Promotion Bureau (EPB)    

In the 2021-22 fiscal year, Bangladesh exported goods valued at $109.20 million to Brazil. The main products that Bangladesh exported to Brazil were Jerseys, pullovers, cardigans, waistcoats and similar articles; knitted or crocheted, shirts; men's or boys' (not knitted or crocheted), and suits, ensembles, jackets, blazers, trousers, bib and brace overalls, breeches and shorts (other than swimwear); men's or boys' (not knitted or crocheted).

In the 2021-22 fiscal year, Brazil exported goods valued $2,245.1 million US dollars to Bangladesh. The main products that Brazil exported to Bangladesh were cane or beet sugar and chemically pure sucrose, in solid form, cotton; not carded or combed, and soybeans, whether or not broken.

During the July-December period of 2022 calendar year, Brazil exported goods worth 1,434.9 million to Bangladesh during July-December 2,022 showing an increasing upward trend of  exports to Bangladesh.

Earlier, in a letter sent to the Foreign Ministry, Bangladesh Ambassador in Brazil Sadia Faizunnesa said the delegation will visit Bangladesh as Brazil’s President Luiz Inasio Lula Da Silva is looking to expand his country’s trade.

Meanwhile, the Embassy of Brazil in Dhaka in cooperation with the Ministry of Foreign Affairs of Brazil, Department of Trade Promotion, Investment Attraction (DPRA) and Agribusiness in Brazil (Apex-Brazil) and Brazil-Bangladesh Chamber of Commerce and Industry (BBCCI) held  a daylong conference titled Brazil-Bangladesh Trade Conference in the city in May.

Brazil was the eighth largest import source of Bangladesh in 2021-22 fiscal year with import recorded at 2245.1 million (3.00 per cent of total import).  The total import of Bangladesh recorded at 75,604.4 million US dollars, according to the data of Bangladesh Bank. Bangladesh and Brazil have increased their engagement in multilateral sectors especially in the trade and investment as the bilateral trade between the two countries marked a higher growth in recent times, he said.